Investor · Polk County, FL · Member since 2014 · 144 posts · 36 votes
[I apologize if this is in the wrong forum]
The seller lives near me. However, the 2/1 condo is located on the beach in Brazil for 60K in a nice looking development, the seller owns it free and clear, but I need help. This would be my first property ever and taking action steered me onto an unexpected path of overseas real estate. I would want this as a rental property for cashflow via airbnb and other services like that. I may be able to hold some retreats there, too. Besides the monthly rent, I would also need cash to pay for maid service to clean up after each guest, etc. I have NEVER been to Brazil (yet).
I have very little cash flow now and I am working on building myself up with REI. The seller is offering financing, and asked me for my terms. My questions are: what should be ideal terms for a no money down possibility? can I negotiate the asking price down? is starting with an overseas investment like this good for a newbie?
The property looks turn key, needs no immediate work.
I also would be open to partners on this or private money. Thanks!
Investor · Waconia, MN · Member since 2014 · 238 posts · 104 votes
11y
Mary Ann are you seriously considering this deal? If so, tell us more why? Seems like a high risk "investment" for multiple reasons. You don't know the area at all, know nothing about real estate nor rental laws in another country, have nobody in Brazil for help, this is your first venture into real estate and don't have enough money to come up with any down payment on a $60k property. Do you have enough money to make a couple months of payments if you have no rental income from it?
Not trying to sound harsh or pessimistic but just trying to be realistic.
I appreciate the candid advice and that is why I am on here. I am not seriously considering it, but exploring. And all the points you made make sense. I certainly dont want to make things harder than need be. Sometimes its easy to get distracted by the big and shiny objects. My focus is to buy my first rental property, pref duplexes.